Dissolve and disperse central states pension fund now !

Discussion in 'Central States Pension Fund Discussion' started by I got nothing, May 31, 2016.

Do you want what's yours from Central States ?

  1. Yes

    38 vote(s)
    84.4%
  2. No

    7 vote(s)
    15.6%
  1. nounionfool

    nounionfool Banned

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    You can try and convince me that you never voted for the MOU's till the cows come home but I'll never believe it. You complain about the greedy retirees who are only worried about themselves but your posts scream of selfish antics.

    You may want to read into my replies a little closer because I never implied that you started contributing in '09. What you have been paying in since 2009 is very little.

    Can't you see how they are still dividing us even more? When it's all said and done, you will be on the short end of the stick only because you allowed yourself to be manipulated out of fear and you will only have yourself to blame. But then again, you will never blame yourself, will you? Your kind never does, it's always the other guys fault. In the meantime, the ones that control you just sit back and laugh at you while you do their bidding.
     
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  2. deadbeat

    deadbeat Member

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    [​IMG]
    Please don't steal my nuts.
     
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  3. yrc-atm

    yrc-atm commodities relocator

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    I guess I dont have to convince you of anything. You voted for a concessionary contract out of fear that YRC was going to buy you LOL. Looks like you did Judy's bidding huh. LOL
     
  4. nounionfool

    nounionfool Banned

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    IMO, people wouldn't even try if they knew someone had some but it's a whole different story when they know someone doesn't if you catch my drift. LOL
     
  5. nounionfool

    nounionfool Banned

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    Yes, the ABF Teamsters voted for a concessionary contract and in all honesty, I believe that rumor about YRC played a big role in many of those decisions but that is something they will have to live with, just like you will have to live with yours. Is that what you are now trying to make this all about, the Abf Teamsters doing Judy's bidding? Let me put that argument to rest, they did exactly that. Anything else that you would like to know?
     
  6. papajohn

    papajohn Banned

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    Sorry that is not a taxpayer bailout... A Restitution is recovering the money that was stolen from you. Those who do nothing deserves exactly that. You better start fighting to save it, it is the only chance you are going to get your full pension.
     
  7. papajohn

    papajohn Banned

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    Typical Jimmy, your not even drawing and you want to give everybody's money away. You really need to get the facts before you say something you know nothing about.

    The Central States Pension Fund (CSPF) became severely underfunded while, by consent decree, under the supervision of the DOL and U.S. District Court. These two government entities selected the Wall Street banks that lost an estimated $20 Billion of Fund retirement money over a 32 year period under the consent decree. $11 Billion was lost by the government selected Goldman Sachs and Northern Trust in a 15 month period in 2008-2009. The DOL had the power to enforce the provisions of ERISA that would have prevented these enormous investment losses and they had the power to force the banks they helped vet and select to restore those losses to the CSPF; but they neglected to do either. . CSPF participants want the DOL to hold the banks that they helped select to account and have them restore the investment losses, due to breach of fiduciary duty, to the CSPF; not a government bail out. Many, many times the DOL has filed suit to make retirement plan fiduciarIes restore losses due to violations of ERISA. To date, even though the enormous investment losses occurred right under their nose, the DOL has not even hinted that they may consider filing suit against the government selected banks for restoration of the investment losses due to egregious ERISA violations. The government and the banks they selected to manage CSPF assets need to do the right thing and restore the losses. .
     
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  8. papajohn

    papajohn Banned

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    Thats a bunch of BS... You are only thinking about yourself!!! Greedy Retiree's... Now thats funny. The Retiree's already worked 30... 40 years paying in at full rate. What about you, how many have you paid in at full rate. Sounds to me like you are the meester. Your so willing to take away from the retirees, so why don't you donate 1/2 your check you are working for now and give it to CSPF.

    The actives only chance to receive their full pension is to fight with us... Stop only thinking about yourself, and start fighting to save it!!!
     
    Last edited: Jun 7, 2016
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  9. jimmy g

    jimmy g Kook

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    I know all that. Changes nothing, it's math. There'll be no bailout. Either cut everyone equally and do it now, or it soon runs out. Only fair way to equally give everyone something. Otherwise, those already drawing take full pay until they bleed it dry, leaving nothing for people who also worked decades, but are a few years younger.
     
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  10. jimmy g

    jimmy g Kook

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    I believe in dealing with reality. Dwelling on the past brings no solutions. The math is that for whatever reason CSPF promised twice as much as they have the money to deliver. Only way to provide fairly to all is a 50% cut, as opposed to 100% of nothing. I thought the Teamsters were for equality?
     
  11. scottsbarnparts

    scottsbarnparts New Member

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    I've been preaching dissolving this fund ever since it was put in critical status. Why would anyone put another red cent into this fund knowing you will never get it back. Give me my money and let me invest it and any future contributions in some type of 401-K. If you are already retired grad your cash and invest it. This sucks but we have been ripped off by the best.
     
  12. yrc-atm

    yrc-atm commodities relocator

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    I'm not giving one more dime to CSPF. You dont have any answer to save the fund. You want a government bailout which is NEVER going to happen. And you dont want to cut the benefits. Well guess what that wont work. You cant payout more than you take in and there is nobody looking to get into the fund. CSPF will be broke in 10 years. So unless you drop dead in the next 10 years your pension will get cut to zero anyway. And so will mine. Its simple math. And for your information I have 21 years paid full rate and the rest at the yrcw rate. Those are all years I am going to lose because the retirees wont take a cut.
    So tell me, what is your plan? Restitution is a bailout. Any other ideas?
     
  13. papajohn

    papajohn Banned

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    Sorry not going to happen. I will not give up my pension, just so you can have something. I worked for 36 years and I earned it. You can either help fight to keep our pensions for everybody, or quit complaining about you not getting a pension.. The choice is yours!!!
     
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  14. BaBaLoo

    BaBaLoo Delusional

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    I thought that I might chime in here. The frustration with the status of the CSPF cuts across the board. Heated acrimony solves nothing. Everyone wants a fair shake and feels entitled to recieve what they have earned. The process is still playing out. Here are some things to consider:

    1. Treasury rejected the CSPF apllication to reduce benefits under MEPRA.

    2. At least 24 Senators and 55 members of Congress lobbied Treasury to reject the application.

    3. The General Accounting Office is currently investigating the Wall Street firms and their oversight of the funds management.

    4. MEPRA was passed during a lame duck session of Congress after an election was held.

    5. The problems that the CSPF faces still exist and the government knows that it has to be addressed.

    6. The PBGC just intoduced new regulations on mergers and partitions under MEPRA.

    7. CSPF has stated that they will not re-apply for benefit reductions under MEPRA.

    At this point everyone needs to take a deep breath and let the process play out. The one thing we all can do is continue to contact our congressional representatives and give our point of view, whether we agree or disagree on a specific plan. The clock is still ticking. One aspect that is never brought up is that if nothing is done and the fund runs out of money, why would any current paying company agree to a new contract that would continue paying into a dead fund? That is why some solution will come. It would not be a reach to say that it will not come until after the November elections. Hopefully the solution they come up with is one that we all can live with.
     
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  15. papajohn

    papajohn Banned

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    Your only chance to not pay into the pension fund is to quit and find another job!!! There are things that can be done but you are to stubborn to listen so I am not going to waste my breath trying to tell you. A bailout and a restitution is 2 completely different things, and yes we are working to save pensions for everybody. As long as people like are not willing to fight then you are the problem. I will not agree to take a pension cut just so you can get yours. Either fight for yours or accept what you get.

    You can keep complaining about it or do something. If you want your pension in full then I suggest you start fighting to save it. If you do nothing then that is exactly what you deserve... NOTHING... The choice is yours!!!
     
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  16. Bubba Gump

    Bubba Gump Active Member

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    gentlemen you need to start thinking of cspf as an asset of the pbgc. the government will not let their pseudo pbgc assets to be spent paying retirees full pensions until the cspf runs out of money. therefore there will either be a new rescue plan or the pbgc will take over the plan in a mass exodus of the contributing employers. then everyone will be at pbgc minimum. the whole purpose of mpra is to preserve the pbgc from bankruptcy and still provide a mechanism to provide a pension for still contributing employers. restitution from who?
     
  17. EX396

    EX396 Well-Known Member

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    Those current retirees were making full contributions while working supporting the retirees of their working days.
    Your contributions are helping to support current retirees.
    The current status of the fund and labor unions in general, suggest that you won't have any pension despite your current contributions (or lack thereof).
    The only logical option is to get yourself out of the fund entirely, quit throwing money in the pit, save like crazy for your own retirement.

    I would do the same thing with Social Security if I had the option. Despite the fact that I've been contributing for over 30 years, and am currently contributing a total of a bit over $7/hr. worked. I don't have the option to opt out, so I'm not counting on it to be there and I don't have the option to take out what I've put in.
     
  18. EX396

    EX396 Well-Known Member

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    Willing to fight to save it? Are you kidding me? Do the math, all they would be doing is prolonging the inevitable all for your benefit.

    It's a pseudo ponzi scheme....you are at the top really close to getting all of yours and you want people to keep joining the scheme so that you can be assured to get all you have coming even though they won't get theirs. They fight to get theirs and end up cutting their nose off to spite of their face.
     
  19. papajohn

    papajohn Banned

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    Read Post 46. There will be no new rescue plan.
     
  20. papajohn

    papajohn Banned

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    Don't do anything the get what you deserve... Nothing!!! The Government created this pension crisis, and needs to held accountable.
     

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